DELTA: FROM IRAQI TV: “Deleting 3 zeros from the currency .. Parliamentary finance determines the size of the cost and the economic effects”
Don961: Deleting 3 zeros from the currency .. Parliamentary finance is suspended and determines the size of the cost and the economic effects
Recently, a proposal to delete 3 zeros from the Iraqi currency has been put forward to provide a cash value in the Iraqi market in order to face the financial crisis, which has abounded proposals aimed at reducing its effects, especially with regard to low oil prices and the .lack of liquidity in the state to finance basic salaries and expenditures
The reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, said in an interview with (Baghdad Today), that “deleting zeros “.from the currency does not affect financially and does not get the country out of the crisis, and it is only a psychological aspect
He added, “Deleting zeros will affect the government because it will destroy the currency it has and issue a new currency without zeros, and this will be in printing houses outside the country and this will cost the government a lot, and the current time is not suitable for “.this procedure As for a member of the Finance Committee, Ahmed Hama, he told (Baghdad Today), ”
Exiting the financial crisis is not only by deleting zeros from the Iraqi currency because the crisis is mainly economic,” indicating that “deleting zeros from the Iraqi dinar needs to print a “.new currency
He pointed out that “the cost of printing a new currency of different denominations of cash amounts to 60 trillion dinars, and this is difficult for Iraq to bear at the present time, because each denomination or every banknote of the currency requires 6 cents to be “.issued again
The Iraqi economist Khalifa Al-Zubaidi says in an article that deleting zeros from the local currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted. For example, deleting ” .three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from Old currency
He adds, “The idea of deleting zeros from the local currency began after the First World War. In 1923, Germany deleted 12 zeros from its currency, followed by Hungary in 1946 by deleting 29 zeros from its currency, as well as China in the same year where 8 zeros were deleted, and in the present day several countries have done such things.”
Step like Zimbabwe, Sudan, Venezuela, Argentina, Brazil, Netherlands, Turkey and other countries, according to the University of North Carolina, that 70 countries have done this procedure since 1960, when 19 countries got rid of zeros once and ten countries twice, and it is considered the most country that got rid of zeros is Brazil, where it took this step six times and got rid of 18 zeros, which means that some countries
They succeeded in this step and other countries failed. Therefore, they took this step more than once without success. Iran may be the last country that decided to delete 4 zeros from its currency after the significant decline in the value of the toman against the dollar, although some believe that there will ” .be no positive impact on the Iranian economy because of Economic sanctions imposed on the country
Al-Zubaidi asserts that “the aim of this step is to control inflation and high prices and facilitate the process of selling and buying, especially when dealing in millions, which creates many problems for citizens carrying large quantities of currencies, difficulty reading .prices, and mathematical errors in reading the large number of zeros, as was the case in Turkey.”
In addition to the costs of printing it ” He points out that “the Netherlands succeeded in this work in 1960 because it put in place a strict policy to control prices and liquidity. Turkey also succeeded in this measure, with the testimony of the International Monetary Fund, for taking effective measures to combat inflation and was able to raise the value of the Turkish lira through the economic reforms taken by the government in all fields.”
It led to economic stability in the country and got rid of printing large numbers of its currency, as well as making it easier for citizens to read numbers and commodity prices. On the other hand, there are many other countries that, when taking such a step, failed to address the economic problem, especially inflation, such as Zimbabwe, Argentina and Brazil, as inflation continued to rise and so.
For not taking correct economic measures, which forced these countries to take this step more than once without any positive results, and some of .them eventually resorted to abandoning the local currency and using hard currencies in local transactions
He adds, “Therefore, in general, it can be said that deleting zeros from the local currency without meaningful and effective economic reforms in all economic sectors will be negative and have no positive impact on the national economy and does not contribute to reducing inflation, although some may delude that prices have decreased and the purchasing power of the currency
Accordingly, it can be said that what was mentioned above applies to the Iraqi economy, and this step will have a negative impact if it is not carefully planned and is associated with effective economic measures, revitalizing the national industry and supporting the private sector to .advance the national economy link
DeepWoodz: Imo…as foretold. So even though the negative aspect is included, the information is still educational for the citizens. The desire could be to smokescreen outsiders from knowing what’s about to happen while at the same time educating the citizens.
Don961: IMO … “this step will have a negative impact >>>IF IT IS NOT CAREFULLY PLANNED>>> perhaps it may indeed have been carefully planned
SCollie: Just as Kuwaiti did the day prior to their currency MOON Shot!!!
Samson: Finance launches November financing for all institutions
22nd November, 2020
The official Al-Sabah newspaper reported, on Sunday, that the distribution of employees’ salaries will begin today
The newspaper stated, “The Ministry of Finance launches financing for the month of November for all ministries and departments, and the distribution of salaries will start from Sunday
The Ministry of Finance announced, on Thursday (November 12), the launch of employees’ salaries for the month of last October, after Parliament voted, at dawn that day, on the borrowing law to cover salaries LINK
Samson: The World Bank warns the G20 not to ignore the debt problems
22:30 – 21/11/2020
World Bank President David Malpass warned the leaders of the G20 countries that failure to reduce debt burdens on some countries may lead to an increase in poverty.
Malpass added that this failure may cause a recurrence of default, which happened chaotically in the 1980s and said that he was happy with the progress that had been made in the issues of transparency and debt relief, but he demanded more.
He added, “Debt challenges have become more frequent, as in Chad, Angola, Ethiopia and Zambia, where the outlook for poverty levels remains bleak, in the absence of permanent debt relief.” LINK
Samson: Al-Fatlawi: Iraq has huge budgets outside of oil revenues and the pockets of the corrupt are taking possession of them
09:03 – 22/11/2020
Representative of the Al-Fateh Alliance, Fadel Al-Fatlawi, stated that Iraq has huge budgets outside of oil revenues that are captured by the pockets of the corrupt, pointing out that maximizing revenues depends on fighting corruption, activating the Chinese agreement and increasing the productive capacity of the refineries.
Al-Fatlawi said to “the information”, “A lot of money was seized by the corrupt and put in their pockets, and there are huge budgets outside oil revenues that have not been exploited.”
He added, “The government must fight corruption and recover money from the pockets of the corrupt in order to revive the budget and eliminate the deficit in it.”
And that “the Chinese agreement must be done correctly, without being ignored, in addition to maximizing resources through oil derivatives inside the country and developing refineries to increase their production.” LINK
Samson: Erbil foils the transfer of millions of counterfeit dinars to Karbala
22nd November, 2020
The Police of Erbil Governorate, the capital of Kurdistan Region, announced on Sunday that it had seized more than 10 million counterfeit dinars in the possession of three people.
In a statement received by Shafaq News Agency, the police said that the crime-fighting department, Shaqlawa office, had arrested three people of Arab nationalism with the names (H.J.), (FHB) and (MAH), and they were seized in their possession 10 Millions, and 39 thousand dinars are counterfeit.
The statement added that the three defendants are residents of Karbala Governorate, and during the investigations they confessed that they had bought the counterfeit currency from Sulaymaniyah Governorate, and that they intended to exchange it in the local markets of Karbala.
The statement added that an investigation file was opened for them, and they were placed in detention by judicial order, in accordance with Article 281 of the Iraqi Penal Code. LINK
Samson: The Trade Organization Calls On The G20 To Provide Financing To Developing Countries
22nd November, 2020
Deputy Director General of the World Trade Organization Alan Wolf affirmed that the G20 must provide trillions of dollars in trade finance for developing countries, to ensure the global economy recovers from the Corona pandemic.
“It is important to leverage trade to help secure the economy, facilitate trade in essential medical supplies, and reform the institutional framework for global trade,” Wolf told the G20 leaders.
“When crops do not move and factories are disrupted across the developing world, the global recovery will be delayed,” he added, noting that the trade finance initiative must be viewed as an essential part of improving the prospects for economic recovery.
Wolf stressed that close cooperation between international financial institutions, the World Trade Organization and large commercial banks will be necessary to provide trillions of dollars in the required financing. LINK
Samson: The Ministry of Interior dismantles a network of fraud in the pension authority, which has cost the treasury more than 30 billion dollars a month
22nd November, 2020
The Iraqi Ministry of Interior announced on Sunday that it had penetrated and dismantled a large fraud network in the Public Retirement Authority, noting that the network’s members are accused of fraud and forgery crimes that cost the state more than 30 billion dinars per month, paid in pension salaries to those who are not eligible.
In a statement received by Shafaq News Agency, the ministry said that the Federal Intelligence and Investigations Agency in the Ministry of Interior, with judicial approvals and follow-ups, managed to penetrate and dismantle a fraud network in the General Pension Authority consisting of 29 accused (employees and commentators) in the authority.
The statement stated that these defendants “carry out fraud and deceit the law, which is summarized in issuing retirement IDs for citizens and granting them salaries of up to (8 million Iraqi dinars) and large financial differences that reach an average of (260 million Iraqi dinars) without legal entitlement.”
The statement continued, “As a result, a working group was formed in the intelligence agency, which was able to penetrate the fraud network and document its criminal operations with sound and image and the personalities that manage these operations.” LINK
Samson: Pompeo: Other Arab countries will join the peace agreements with Israel
22nd November, 2020
Today, Sunday, US Secretary of State Mike Pompeo confirmed that other Arab countries will join peace agreements with Israel, and Washington will continue its efforts to bring peace to the region, to avoid the threat of Iran in the Middle East
He said in an interview with Al-Arabiya: “I am fully confident that other countries will join what the Emiratis, Bahrainis and Sudanese have done, and thus the correct place of Israel among countries will be recognized,” noting that they “will do this because it is the right thing to do for their nation. Because of the increasing prosperity and security of their country. He added, “This would not have been possible without the leadership and participation of the United States in determining the risks in the Middle East from Iran
Pompeo also said: “The United States seeks to achieve peace in the region, taking into account the threat posed by Iran,” as he put it, adding that “the countries of the region (meaning the Gulf and Israel) have realized the common threat posed by Iran. He stressed that the United States “would like the Palestinians to deal with Israel,” adding that “their leadership rejected President Trump’s speech, a vision for peace and according to Pompeo, the US policy toward Iran has not changed and has been consistent throughout Trump’s time in office
Pompeo said during the interview: “We have fulfilled every commitment we have made to the countries of the Middle East, we have protected Americans, and we have formed partners who want to establish a partnership with the United States of America.” He stressed that policies and duties will not change during the transition period, “My responsibilities do not change.” Pompeo said, “I still have a responsibility every hour and every minute to defend the American people … and we will do so until the last minute
On Saturday, Saudi Foreign Minister Faisal bin Farhan Al Saud confirmed Riyadh’s support for full normalization with Israel, provided that the rights of the Palestinians are guaranteed. It is noteworthy that Israel signed peace agreements and normalization of relations with the UAE, Bahrain and Sudan, under American auspices LINK